So first thing is first, You need a mortgage deposit. To secure a good mortgage the more you can put down as a deposit, the more likely you are to secure a good deal. The better the interest rate, the more you can save throughout the term of your mortgage. Saving for a mortgage is not easy when you are trying to live at the same time. More people are now staying at home with parents late into their twenties and even their thirties to try to save for a mortgage.
Although this may be the last thing you want to do as an adult, it is probably the best way you can actually save a deposit. By reducing your monthly outgoings and relying on the kindness of mum and dad, you can put the bulk of your wages into your savings, meaning you will have that deposit saved a lot faster. Also, take advantage of the government backed help to buy ISAs which can really help you grow the money that you are saving.
If you are currently renting, and trying to save a deposit for your mortgage, then you may find it more difficult to save. If you are renting while trying to save a mortgage deposit, you will always have to prioritise your living expenses first before your savings, meaning that it will take longer to be able to put money down as a deposit on a mortgage.
There are things that you can do however to speed up your savings. Unlike people living with mum and dad, you may enjoy nights in, so you can save money by not going to the pub or eating out as much. Cut back on the social spending, and maybe other areas like travel by walking or getting a bike, or sacrificing that morning coffee to go, to increase your deposit savings pot.
Even making a few small changes to your spending habits can save you a small fortune over a year. Always look at the bigger picture and see yourself in your own home, and with a bit of effort and a lot of saving, you could have that dream home in no time.